03/09/2015 07:47 EDT | Updated 05/09/2015 05:59 EDT

Red Door Shelter could be part of new Queen Street condo building

Toronto's Red Door Shelter could find a home in a condo building located at the same property where it now stands.

For more than 30 years, the shelter at 875 Queen St. E. has offered homeless families a place to stay.

But the building it is housed in went into receivership, leaving the Red Door in limbo as to where it would exist.

The property has since been purchased by Harhay Construction, which is now working with the city and the shelter to give the Red Door the chance to stay where it is.

That's because the shelter could be part of a condo building that will be established at the site.

Under the proposal, the city will finance the building of the shelter, which Harhay will build. It will then be leased back to the Red Door for $1 a year.

The new 20,000-square-foot space means that unrelated families will no longer have to share bedrooms and bathrooms.

Construction could start as soon as next year. It wouldn't be completed until 2018.

The plan still needs approval from council.

The Red Door Shelter will also have to raise $3 million to furnish the shelter, should the project move ahead as proposed.